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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />ORDINANCE NO. 1658 <br />AN ORDINANCE DECLARING THE NEED IN THE <br />CITY OF COLTON FOR AN INDUSTRIAL DEVELOP- <br />MENT AUTHORITY AND ESTABLISHING SUCH AN <br />AUTHORITY <br />WHEREAS, industry in the City of Colton (the "City") <br />needs and requires new methods to finance the capital outlays <br />required to acquire, construct or rehabilitate facilities <br />which will increase employment opportunities or otherwise <br />contribute to economic development in the City; and <br />WHEREAS, the California Industrial Development <br />Financing Act, being Title 10 of the Government Code of the <br />State of California, commencing with Section 91500 (the <br />"Act"), provides an alternate method of financing to promote <br />and enhance economic development and to increase opportunities <br />for useful employment by establishing an industrial develop- <br />ment authority of the City (the "Authority"); and <br />WHEREAS, the Act provides that the Authority is to <br />facilitate, for and on behalf of private enterprise, the <br />acquisition of property for purposes as set forth in the Act <br />through the issuance of revenue bonds, all under and in <br />accordance with provisions of the Act; and <br />WHEREAS, Section 91503 of the Act provides that the <br />activities or uses for which property acquired pursuant to <br />provisions of the Act shall be suitable are industrial uses <br />including, without limitation, assemblying, fabricating, <br />manufacturing, processing or warehousing activities or motor <br />carrier terminals with respect to any products of agriculture, <br />28 11 forestry, mining or manufacture; and <br />